The elimination of scandal-tinged contingent commissionscontributed to a 44 percent drop in Willis Group Holdings Limited'snet income for the fourth quarter of 2005, the company said.
The London-based insurance brokerage firm reported net incomedropped $48 million in the fourth quarter, going from $108 million,or 65 cents a share, to $60 million, or 38 cents a share. Revenuesdeclined 4 percent, or $26 million, from $588 million to $562million.
Besides losing $24 million in contingent commissions for thequarter, Willis said higher compensation costs, the effect offoreign currency translation and the sale of its wholesaleoperation, Stewart Smith in April 2005, contributed to thedecline.
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